We were focusing closely on the 2,100 level in the S&P 500.
With divergences this morning, we’re seeing the logical and expected pullback.
Let’s update our levels for the S&P 500 Index and note the big trending stocks today:
Take a moment to view this morning’s @ES (eMini) update for additional levels and planning.
From that post, we’ve already achieved our 2,087 target we mentioned, and we’re focusing our attention there.
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Let’s see what our Breadth Chart reveals about current market strength (or weakness):
We’re seeing weakness across the board except in the Defensive or Risk-Off Sectors (Health Care and Utilities).
Energy is the “strongest” sector with 50% of stocks positive right now. Caution is warranted.
Here’s a top-level or full-perspective view of today’s S&P 500 stock performance (courtesy of FinViz.com).
Here are today’s strongest trending (intraday) names – candidates for pro-trend continuation:
Tata Motors (TTM), Westar Energy (WR), Transdigm (TDG), LinkedIn (LNKD)
Bearish downtrending candidates include the following stocks from our “weakness” scan:
Great Plains Energy (GXP), Constellation Brands (STZ), Boeing (BA), and Novartis (NVS)
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Corey Rosenbloom, CMT
Afraid to Trade.com
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